Is ICE (Intercontinental Exchange, Inc.) Halal or Haram?

Based on our AAOIFI-standard shariah screening, ICE is Not Halal (Haram) and is not considered permissible for Muslim investors. It failed 1 of 4 compliance screens. Intercontinental Exchange, Inc.'s core business activity was found to be non-compliant.

Intercontinental Exchange, Inc. (ICE) is a major global operator of regulated exchanges, clearing houses, and listing venues. The company facilitates the trading of commodities, equities, and complex derivatives, and notably owns the New York Stock Exchange alongside significant fixed income and mortgage technology platforms. For Muslim investors using HalalStocks.co.uk, ICE is currently classified as Not Halal (Haram). While the company successfully passes all three AAOIFI financial ratio screens, it critically fails the primary business activity screen due to its deep involvement in conventional financial services, specifically the clearing and trading of interest-bearing securities and derivatives. From a purely financial perspective, ICE maintains manageable leverage with a Debt to Market Cap ratio of 23.1%, well below the 33% AAOIFI threshold. Additionally, its interest-generating cash reserves are relatively low, keeping its interest income to revenue ratio at a Shariah-compliant 1.11%. Because the core business model relies heavily on conventional financial infrastructure and interest rate markets, there is no scholarly debate regarding its non-compliance. Halal investors must avoid this stock and look toward non-financial sector alternatives for portfolio growth. Intercontinental Exchange, Inc. operates in the Financial Services sector under the Financial - Data & Stock Exchanges industry and is headquartered in Atlanta, GA, US. The company is led by CEO Jeffrey C. Sprecher and employs approximately 12,842 people.

ICE was screened using AAOIFI-based shariah compliance criteria. Four tests are applied: (1) Business Activity — the company's core business must not derive primary income from haram (prohibited) activities such as alcohol, gambling, tobacco, or interest-based finance. (2) Debt-to-Market-Cap — total debt must not exceed 33% of market capitalization. (3) Interest Income — interest income must not exceed 5% of total revenue. (4) Cash & Securities — cash and interest-bearing securities must not exceed 33% of market cap. ICE passed 3 of these 4 screens.

ICE was last screened on 2026-04-29. Shariah compliance status can change as companies report new financial data, acquire new businesses, or shift revenue streams. We recommend checking back periodically for the most up-to-date screening results.